Hello. My name is Erik Martin and I am a reporter for a nationally syndicated real estate section published weekly in newspapers across the country. I’m looking to interview realtors/agents, mortgage/lending professionals, and other housing experts for the following story:
STORY: CASHING IN ON A CASH-OUT REFI: WHY MORE BORROWERS ARE RESETTING THEIR LOANS AT POTENTIALLY LOWER RATES AND CONVERTING EQUITY INTO CASH. A new report from Black Knight Financial (details at http://tinyurl.com/jap5b4b) reveals that cash-out refinances increased by volume in the third quarter of 2015; the 6th consecutive quarter of rises. There were 300,000 refi originations in the quarter and around 1 million over 12 months. The average cash-out amount was the highest since 2007 at $60,000 and the total cashed-out with refinances during the 12 months to the end of Q3 2015 was $64 billion. This story would investigate why a cash-out mortgage refinance could be a good strategy, which borrowers make the best candidates, the advantages/drawback/costs of doing a cash-out refi, other borrowing alternatives to explore, and more. Below is a list of questions I’m seeking answers to. I can either conduct a phone or email interview (with the latter, please email me back full-sentence written responses that I can use as quotes). My deadline is noon central time, Wednesday, March 2.
QUESTIONS:1. The aforementioned data show that more borrowers are resetting their loans at potentially lower rates and converting equity into cash lately. Why is this so? To what factors can you attribute this trend?2. Why is a cash-out refinance a worthy strategy in 2016? Why do homeowners often choose a cash-out refi (e.g., to obtain extra needed funds for a home improvement, college costs, etc.)?3. What types of borrowers make the best candidates for a cash-out refi and why?4. What are the advantages and disadvantages of doing a cash-out refi today? Is it easier or harder today to pursue this strategy and why?5. What kind of fixed rates (30 year vs. 15-year) can borrowers expect for a cash-out refi right now? If they want to do a free closing (roll the closing costs into the rate), what would those rates be?6. What are some borrowing alternatives to a cash-out refi worth exploring? (e.g., home equity loan, HELOC, etc.?)7. Your prediction: Is it going to be easier or harder to complete a cash-out refi in the near to long-term future, or will the process remain about the same?8. Any other thoughts, tips or suggestions on this topic?9. What is your full name, title, company, city/state location, and email address?Keywords
realtors/agents, mortgage/lending professionals, housing experts
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